DemandManagementforRetail Organizations
Retailers employ a technique called "demand planning" to strategically plan howtheywillfulfillthedemandoftheircustomersanddeterminewhichretail items, at which level is needed to meet the need. When it comes to smaller retailers, it can be hard to properly plan for this demand, due to a lack of technology and access to historical data. More advanced retailers use programs, such as Anaplan, to predict trends and demand using statistical data, leading to high accuracy when it comes to demand planning. With accuratedemandmanagement,eachpartofan organizationcanbepositively impacted,fromsupplychaintomarketing.
Importance of Demand Planning
Avoid stock-outs
Demand planning considers other factors that could impact demand, such as seasonality, consumer taste trends, and even events like a global pandemic. This information is essential for meeting your customer demand while avoiding stockouts since you'll accurately estimate how many units you will sell.
Increase customer satisfaction
Stock shortages are not just disruptive to retailers. It is frustrating for customerstolearnthataproducttheydesireisunavailable.Thisissuecanbe resolved by demand planning and scenario planning. With Anaplan, retailers can use “what-if” planning to address multiple situations, such as delayed materials and economic variables. With effective strategies and software for demandplanning,youcanconcentrateonprovidingconsumerswiththegreat experiencestheyexpectandplanaccordinglyforshiftsinthemarketplace.
Inventory optimization
Demand planning can help firms avoid the dangers of overstocking, such as higher inventory carrying costs and financial difficulties that need product discounts or other temporary steps to reduce overstocking by swiftly selling inventory.Itcanalsohelpdecreasethemark-downsandclearanceevents.
Demand management for retailers is an essential function that can lead to many financial gains and losses. With a proper demand planning tool, like Anaplan, retailers can see a high ROI with throughout the business by accuratelydeterminingtheproductneeds.
Contact Details,
CompanyName:Accelytics
Email:info@accelytics.com
Phone:+1877211-7551
Address:2437BayAreaBlvdSte457Houston,Texas77058,US
Website:https://www.accelytics.com